罕见！大涨46%，宁德时代港股溢价创纪录

Core Viewpoint - CATL's Hong Kong stock has seen a record premium since its listing, with a cumulative increase of 46% since May 20, significantly outpacing its A-share increase of 13% and achieving a 30% premium over A-shares, marking the highest level in the market [1][3]. Group 1: Reasons for High Premium - The high premium of CATL's Hong Kong stock is attributed to low liquidity caused by a lock-up period for a large number of shares, which limits the available float [3][4]. - A significant portion of the circulating shares has been borrowed for short selling, creating a short squeeze effect as short sellers are forced to cover their positions, further driving up the stock price [4]. - CATL's popularity among global investors also contributes to the H/A premium, with the company becoming the most held A-share by foreign investors since Q1 2025, surpassing Kweichow Moutai [4]. Group 2: Stock Price Drivers - The anticipated production in July is expected to exceed expectations, providing fundamental support for CATL's stock price increase [5]. - J.P. Morgan forecasts a 6% month-on-month growth in production for China's top six battery manufacturers in July, with CATL showing the most significant growth [6]. - The market has high expectations for CATL's Q2 2025 financial report, with projected sales of 140-150 GWh and a net profit estimated between 15.5 billion to 16 billion yuan, reflecting a year-on-year growth of 25%-30% [6][7].